Brief: SIA Engineering Co Announces Deeper Pay Cuts For Management

SIA Engineering

02/04/2020 05:49

April 2 (Reuters) - SIA Engineering Company Ltd  SIAE.SI :
    * PAY CUTS FOR CEO AND EXECUTIVE VICE PRESIDENT HAVE
INCREASED TO
25% AND 20% RESPECTIVELY, WITH EFFECT FROM 1 APRIL 2020
    * SENIOR VICE PRESIDENTS' PAY CUT OF 8% BROUGHT FORWARD FROM
15
APRIL TO 1 APRIL AND WILL INCREASE TO 15% FROM 1 MAY
    * VICE PRESIDENTS' PAY CUT OF 7% BROUGHT FORWARD FROM 15
APRIL TO
1 APRIL AND WILL INCREASE TO 12% FROM 1 MAY
    * BOARD HAS ALSO VOLUNTEERED A DEEPER REDUCTION OF 25% IN
FEES
ACCRUING WITH EFFECT FROM 1 APRIL
    * SENIOR MANAGERS AND MANAGERS' PAY CUT OF 5% HAS BEEN
BROUGHT
FORWARD FROM 15 MAY TO 1 APRIL AND WILL INCREASE TO 10% FROM 1
MAY
    * SIAEC GROUP WILL DEFER NON-ESSENTIAL OPERATING COSTS,
NON-ESSENTIAL CAPITAL EXPENDITURE AND TIMING OF CERTAIN PAYMENTS
    * WORKING WITH UNIONS ON VARYING DAYS OF COMPULSORY NO- PAY
LEAVE,
FURLOUGH FOR STAFF ON RE-EMPLOYMENT CONTRACTS
    * WORKING WITH UNIONS ON DEFERMENT OF SALARY INCREMENTS AND
PROMOTIONS

Source text for Eikon:  ID:nSNZ6Qclv4 
Further company coverage:  SIAE.SI 

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